Allianz Cornhill said the exposure from the Glasgow plastics factory explosion last week would be in the "double figure millions".
A spokesman, who described the explosion as "a fairly costly claim" confirmed that the insurer had both the property and liability cover for the factory.
But Allianz Cornhill said a significant amount of the potential exposure had been reinsured.
Nine people were killed in the explosion at the Stockline Plastics factory in the Maryhill area of Glasgow, with 17 left seriously injured. Rescuers managed to pull seven people alive from the rubble.
Detective Superintendent Jim Porteous stressed that the cause of the explosion had not yet been established. "Inquiries are at a very early stage and we are not in the position to comment whether this is a criminal investigation."
Company chairman Campbell Downie confirmed one of the factory's gas ovens was built from parts for a dustbin lorry, but he said the oven was "extremely robust" and had been found intact.
